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AP: Jobless Claims Rise Unexpectedly

From an increasingly robotic Associated Press:

Jobless claims rise unexpectedly

February 18, 2010

The number of newly laid-off workers filing applications for unemployment benefits unexpectedly surged last week after having fallen sharply in the previous week. The gain dampened hopes about how quickly the labor market may improve this year.

The Labor Department said Thursday that first-time claims for unemployment benefits rose by 31,000 to a seasonally adjusted 473,000.

The increase followed a drop of 41,000 in the previous week which had raised hopes that the labor market, which has lost 8.4 million jobs since the recession began in December 2007, could be improving.

Thursday’s news deflated analysts’ hopes that new claims would continue to decline. Economists surveyed by Thomson Reuters had expected new claims to fall modestly.

Still, the four-week average for claims did decline by 1,500 to 467,500, near the lows that were reached at the end of last year. The average is considered a more stable indicator because it smooths out the week-to-week volatility.

There they go again. (It’s spelled: smoothes. But the AP won’t correct their macro.)

Claims at the beginning of this year had been affected by a holiday backlog. The easing of the backlog had elevated the numbers for the previous three weeks.

That temporary boost appears to have worn off.

Just as we non-expert economists predicted.

Luckily this unexpected news didn’t come out yesterday, or it would have thrown cold water on Mr. Obama and Mr. Biden’s claims to the contrary.

Comedy is all about timing.

This article was posted by Steve on Thursday, February 18th, 2010. Comments are currently closed.

6 Responses to “AP: Jobless Claims Rise Unexpectedly”

  1. proreason says:

    “Still, the four-week average for claims did decline by 1,500 to 467,500”

    so it’s ok.

    unless you happen to be one of th 467,500.

    or one of the more than 8 million who lost his job before last week.

    or one of the untold millions who aren’t counted as unemployed because they can’t pat thier head and rub their tummy at the same time.

    But at least Obamy prevented a Depression. Like he said.

  2. GetBackJack says:

    There are days when I have to admit, I admire Mao.

    Because one of the first things he did when purging China was kill all the academics.

  3. tranquil.night says:

    And here last week all I heard about was how the (senseless) Census was hiring.

  4. Right of the People says:

    But, but, but didn’t Barry tell us the economy has turned around and he saved/created all of those jobs? I’m confused.

    How can this be?

    • Rusty Shackleford says:

      Obviously, barry didn’t get the word out effectively enough to the economy. In other words, the economy is a bitter-clinger racist that is just doing this to spite him, personally.

  5. swee says:

    Is it possible – and this is just a thought – is it possible that the jobless claims news was held back a day to save Mr. Obama some embarrassment? Just a thought. On second thought, that couldn’t happen. Nah. Editors wouldn’t do that. Would they?

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